我国中小企业融资顺序及影响因素研究
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摘要
企业发展需要资金,融资是现代企业经营决策的核心。中小企业作为我国经济的生力军,其融资特征及影响因素,一直受到学术界和企业界的广泛关注。
本研究联系中国实际,对我国中小企业融资问题进行了积极的探讨。文章通过理论分析和实证分析,对中小企业融资顺序进行了检验,从内生和外生两个层面揭示了融资顺序的影响因素。
文章以新资本结构理论的优序融资理论为基础,从理论上分析了我国中小企业的融资顺序,从内生和外生两个层面揭示了影响融资顺序的主要因素；并着重分析了外生因素对中小企业融资的影响,指出资金可得性是中小企业融资顺序确定的关键所在,而制度等因素是“可得性”的重要约束,其中债权融资相当不易,股权资几乎不可得,因此中小企业融资顺序虽然符合优序融资理论的基本框架,但具有被动特征。文章并以浙江Y市周边企业为样本,以问卷调查数据为依据,采用方差分析、次序逻辑回归(Ordered-logistic regression)等方法,对理论分析进行了佐证。
在归纳研究结论的基础上,文章提出应该拓宽视野,分别从金融学的“机构”、“市场”和“工具”三个方面去探讨解决中小企业融资困境的途径。在现今建立中小金融机构条件有限、拓展创业板市场容量受限的情况下,可以在金融工具上有所创新。文章由此提出了借助可转换债券解决中小企业融资困境的构想,并对本研究的局限和未来研究方向进行了总结和分析。
The development of enterprises needs capital. Financing has been core of modern business management decision. Financing characteristics and influencing factors of small and medium-sized enterprises, viewed as fresh activists of China's economy, have drawn wide attention from academic circles and business circles.
The paper positively investigates issues of finance of SME connecting with the practice of China. Financing order is tested with theoretical analysis and empirical analysis, influencing factors revealed from endogenous and exogenous aspects.
Based on pecking order theory of new capital structure, financing order of China's SME is analyzed theoretically, revealing principal influencing factors from endogenous and exogenous aspects. The article emphasizes on the analysis of exogenous factors, indicating that capital availability is determinant of financing order whereas "availability " is restrained by institutional element in which debt financing is difficult to obtain and equity financing is almost unavailable. Hence financing order of SME corresponds with basic framework of pecking order theory but also possesses the characteristic of passivity. It is evidenced with a questionnaire survey for a sample of enterprises around Y City in Zhejiang Province by means of analysis of variance (ANOVA) and ordered-logistic regression.
It is proposed that vision should be broadened and dilemma of SME'financing order is resolved from three financial aspects:institution, market, instruments after research conclusions are summarized. Nowadays, we can innovate in financial instruments in view of the situation of limited small and medium financial institutions and low capacity of growth enterprise market (GEM). This study suggests the idea of convertible bonds with a view to the dilemma referred to above. Limitations and future research direction are concluded and analyzed finally.
本研究联系中国实际,对我国中小企业融资问题进行了积极的探讨。文章通过理论分析和实证分析,对中小企业融资顺序进行了检验,从内生和外生两个层面揭示了融资顺序的影响因素。
文章以新资本结构理论的优序融资理论为基础,从理论上分析了我国中小企业的融资顺序,从内生和外生两个层面揭示了影响融资顺序的主要因素；并着重分析了外生因素对中小企业融资的影响,指出资金可得性是中小企业融资顺序确定的关键所在,而制度等因素是“可得性”的重要约束,其中债权融资相当不易,股权资几乎不可得,因此中小企业融资顺序虽然符合优序融资理论的基本框架,但具有被动特征。文章并以浙江Y市周边企业为样本,以问卷调查数据为依据,采用方差分析、次序逻辑回归(Ordered-logistic regression)等方法,对理论分析进行了佐证。
在归纳研究结论的基础上,文章提出应该拓宽视野,分别从金融学的“机构”、“市场”和“工具”三个方面去探讨解决中小企业融资困境的途径。在现今建立中小金融机构条件有限、拓展创业板市场容量受限的情况下,可以在金融工具上有所创新。文章由此提出了借助可转换债券解决中小企业融资困境的构想,并对本研究的局限和未来研究方向进行了总结和分析。
The development of enterprises needs capital. Financing has been core of modern business management decision. Financing characteristics and influencing factors of small and medium-sized enterprises, viewed as fresh activists of China's economy, have drawn wide attention from academic circles and business circles.
The paper positively investigates issues of finance of SME connecting with the practice of China. Financing order is tested with theoretical analysis and empirical analysis, influencing factors revealed from endogenous and exogenous aspects.
Based on pecking order theory of new capital structure, financing order of China's SME is analyzed theoretically, revealing principal influencing factors from endogenous and exogenous aspects. The article emphasizes on the analysis of exogenous factors, indicating that capital availability is determinant of financing order whereas "availability " is restrained by institutional element in which debt financing is difficult to obtain and equity financing is almost unavailable. Hence financing order of SME corresponds with basic framework of pecking order theory but also possesses the characteristic of passivity. It is evidenced with a questionnaire survey for a sample of enterprises around Y City in Zhejiang Province by means of analysis of variance (ANOVA) and ordered-logistic regression.
It is proposed that vision should be broadened and dilemma of SME'financing order is resolved from three financial aspects:institution, market, instruments after research conclusions are summarized. Nowadays, we can innovate in financial instruments in view of the situation of limited small and medium financial institutions and low capacity of growth enterprise market (GEM). This study suggests the idea of convertible bonds with a view to the dilemma referred to above. Limitations and future research direction are concluded and analyzed finally.
引文
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99.我国政策规定,设置了到期无条件强制性转股条款可转债,到期转股时应当对转股价格进行调整,按照可转债到期前30个交易日股票收盘价的平均值及当时生效的转股价格两者较低者作为实际转股价格,但重新计算的转股价格最低不得低于每股净资产。这样,以两者较低的价格进行到期无条件转股,保护了投资人的利益,尤其是当公司业绩增长速度低,股票价格长期低于转股价格时,以较低的转股价转股降低了投资人的投资风险。
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73.同上
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